The Directors have pleasure in presenting the TWENTIETH ANNUAL REPORT
 together with the Audited Accounts of the Company for the period of 12
 months ended on 31st March, 2012.
 
 1.  FINANCIAL RESULTS
 
                                                      (Rs In Lacs) 
 
                                                   As at         As at
                                              31-03-2012    31-03-2011 
                                              (12 Months)  (12 Months)
 
 Operating Profit / (Loss)                        12.93         0.89 
 (before interest and depreciation)
 
 Less : Interest                                   0.13         0.47
 
 Profit / (Loss) before depreciation               12.8         0.42
 
 Less : Depreciation                               8.67         9.52
 
 Profit / (Loss) before Tax                        4.13        (9.10)
 
 Less : Provision for Taxation / FBT.              0.00         0.00
 
 Profit/(Loss) after Tax                           4.13        (9.10) 
 
 Amount of Profit and Loss
 
 A/c brought forward                            (252.80)     (243.70)
 
 Amount available for appropriations
 carried to Balance Sheet                       (248.67)     (252.80)
 
 2.  DIVIDEND
 
 Your directors regret their inability to recommend any dividend on the
 equity shares in view of the losses during the period under review.
 
 3.  OPERATIONS
 
 The plant''s utilization improved to some extent, yet however it
 remained sub-optimal due to financial constraints and the time which
 was required to be devoted in technically perfecting the products /
 formulations, in the neutraceutical health food clinical nutrition
 field.
 
 4.  DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956 and
 Articles of Association of the Company, Shri Narendra H.  Patel a
 Director of the Company, retires by rotation and being eligible offers
 himself for re-appointment. With deep regret we wish to inform that the
 Chairman of the company Shri Narendra C. Patel has ceased to be a
 director on the board due to his sad demise, his continuing guidance
 and valuable support was always appreciated and will be remembered by
 your company.  Shri H. L. Joshi has been appointed as Additional
 Director in the Category of Independent director of the Company.
 
 5.  MANAGEMENT DISCUSSION AND ANALYSIS REPORT Management Discussion and
 Analysis Report as required under the Listing Agreement with the Stock
 Exchanges is enclosed as Annexure A.
 
 6.  LISTING OF EQUITY SHARES ON BOMBAY STOCK EXCHANGE ( BSE) SCRIP CODE
 : 526269
 
 The Company''s equity shares are listed on The Bombay Stock Exchange
 Limited. The Company has filed application for revocation of suspension
 of listing of equity Shares of the Company. It will be relisted with
 BSE. Company has paid listing fees for the year 2012-13, registered
 with NSDL & CDSL and was allotted ISIN No. INE293N01016.
 
 7.  OTHER INFORMATION
 
 The Company has created its own website: www.crestchemlimited.in. for
 the benefit of its equity shareholders and public at large.
 
 The Company has appointed Compliance Officer for better services of the
 equity shareholders.
 
 The Company''s equity shares will be relisted and traded on BSE.
 
 8.  DIRECTOR''S RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 confirm that:
 
 (a) In the preparation of the annual accounts, the applicable
 accounting standards have been followed.
 
 (b) Appropriate accounting policies have been selected and applied so
 as to give a true and fair view of the state of affairs of the Company
 as at March, 31st 2012 and of the profit of the Company for that
 period.
 
 (c) Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956 for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities.
 
 (d) The annual accounts have been prepared on a going concern basis.
 
 9.  DEPOSITS
 
 No Public deposits were accepted or matured during the period under
 review.
 
 10.  FINANCE
 
 The accumulated losses of the company are in excess of 50% of the net
 worth, as on 31st March, 2012. The company is not a sick industrial
 undertaking within the clause (O) of sub clause (i) of section 3 of
 sick industrial companies (Special Provision) Act, 1985. However, it is
 potentially sick under the meaning of section 23 of the said Act, and
 accordingly, as on date, no reference is made to the Board for
 Industrial and Financial Reconstruction.  The said loss includes non
 cash - depreciation charges. Also the company has no outstanding term
 loans or working capital loans or any kind of loans from banks or
 financial institutions.  There are no outstanding interest payments on
 above.
 
 a.  To tide over companies current financial difficulties, at the
 request of the company, the Directors of the company have given
 unsecured interest free loans from time to time from their own funds to
 help the company to re- structure its operations.
 
 b.  The company has not incurred any cash losses during the year
 2010-11 & 2011-12.
 
 11.  AUDITORS
 
 M/s. Talati & Talati, Chartered Accountants, Ahmedabad, the auditors of
 the Company retire at the conclusion of the ensuing Annual General
 Meeting. They are eligible for re-appointment and have furnished
 certificate to the effect that their appointment, if made, will be in
 accordance with the limits specified in Section 224 (1-B) of the
 Companies Act, 1956. Your Directors recommend their re-appointment.
 
 In the opinion of directors, the notes to the accounts are self
 explanatory and adequately explain the matters, which are dealt with by
 the auditors.
 
 12.  COST AUDIT
 
 The Company has not maintained Cost Accounting Records required to be
 maintained by the company pursuant to the Companies (Cost Accounting
 Records) Rules, 2011 prescribed by the Central Government under section
 209(1) (d) of the Companies Act, 1956. However, the Cost Accountant has
 been appointed by the Company and the process of preparing cost records
 is in progress.
 
 13.  PARTICULARS OF EMPLOYEES
 
 There is no employee attracting the provisions of section 217(2A) of
 the companies Act, 1956, read with the rules made there under.
 
 14.  INFORMATION REGARDING CONSERVATION OF ENERGY ETC.
 
 Information required u/s. 217 (1) (e) of the Companies Act, 1956 read
 with Companies (Disclosure of particulars in the Report of Board of
 Directors) Rules, 1988 form part of this report. However, as per the
 provisions of section 219(1 )(b) (iv), the reports and accounts are
 being sent to all shareholders of the Company excluding the information
 relating to conservation of energy, foreign exchange earnings and
 outgo, and the statement of particulars of employees. Any shareholder
 interested in obtaining such particulars may write to the Director /
 Company Secretary at the Registered Office of the Company.
 
 15.  CORPORATE GOVERNANCE REPORT
 
 The Corporate Governance Report & practices followed by the Company are
 indicated separately in the Annexure B forming part of this report. A
 certificate from the Practising Company Secretary, regarding the
 compliances of corporate governance as stipulated under clause 49 of
 the listing agreement is annexed as Annexure B to this report.
 
 16.  COMPLIANCE CERTIFICATE
 
 The compliance certificate issued by the Company Secretary in whole
 time practice as prescribed under provision to Section 383A(1) of the
 Companies Act, 1956 read with the Companies (Compliance Certificate)
 Rules, 2001 is attached with this Report.
 
 17.  INDUSTRIAL RELATIONS, SAFETY AND ENVIRONMENT
 
 During the year under review, the industrial relations remained
 harmonious and cordial. The Directors wish to place on record the
 unstinted efforts and dedicated services extended by the employees at
 all levels. With their support the Company looks forward to a brighter
 future.
 
 18.  ACKNOWLEDGEMENT
 
 The Directors extend their sincere thanks to the Bankers, Central and
 State Government Authorities, Customers, Shareholders and all other who
 have been associated with the Company, for their co-operation,
 continued support and for the confidence reposed in the management of
 the Company.
 
                                    For and on behalf of the Board 
 
                                                Sd/-
 
 Place : Indrad (Kadi)                     Dipak N. Patel
 
 Date : 15-June-2012                      Managing Director